Solana Emerges as the Most Loved Altcoin This Year With $5M Inflows: CoinShares

2 months ago 37

Digital asset investment products witnessed inflows last week, with a total of $21 million coming in for the first time in 6 weeks.

Interestingly, earlier in the week, it appeared that outflows would persist, but the tide turned towards the end of the week, particularly on Friday. CoinShares said this shift can be attributed to several, including positive price momentum, concerns regarding US government debt prices, and the recent quagmire surrounding government funding.

  • In the latest edition of ‘Digital Asset Fund Flows Weekly Report,’ CoinShares revealed Bitcoin witnessed the majority of inflows, totaling $20 million last week.
  • In contrast, short-Bitcoin positions continued to experience outflows, with $1.5 million exiting last week. These outflows have accumulated to a total of $85 million since April.
  • The altcoin market remained relatively quiet, but Solana continued to stand out with $5 million in inflows, marking its 27th week of positive activity, with only four weeks of outflows recorded this year. This performance establishes Solana as the “most loved altcoin” of the year.
  • On the other hand, Ethereum saw outflows for the seventh consecutive week, totaling $1.5 million, solidifying its position as the “least loved altcoin.”
  • Regional sentiment divergence remained largely unchanged from the previous week.
  • The asset manager, in its latest report, explained that the ongoing trend of regional divergence continues, with the United States witnessing outflows totaling $19 million last week, while both Europe and Canada experienced inflows of $23 million and $17 million, respectively.
  • Even with the recent increase in prices, trading volumes continue to stay seasonally low in both the investment product market and the broader cryptocurrency market.

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